A Penny Saved is a Penny Earned

In business, allowable tax deductions can be taken. There are a few business tax deductions or write-offs that are under-used or overlooked. The accountant’s fee is one that is ignored quite a bit especially with individuals filing personal taxes. Business owners should be aware of what allowable tax deductions they can take advantage of that are permissible. Below is a list of a few potential tax deductions for business owners. It is worth having the talk with your accountant to find out which ones you should take for your company if you are not doing some or any of these.

·      Accounting and Bookkeeping fees

·      Advertising, Marketing and Social Media

·      Auto Expenses

·      Bank Fees

·      Building Repairs and Maintenance

·      Casual Help

·      Computers and Tech Supplies

·      Costs of Goods Sold

·      Education and Training for Employees or Yourself

·      Equipment and Equipment Repairs

·      Furniture & Fixtures

·      Gifts

·      Home Office

·      Interest and Late Fees

·      Internet Hosting and Services

·      Legal Fees

·      Leased Equipment

·      Leased Vehicle

·      Office Supplies and Expenses

·      Phone

·      Rent

·      Software and Online Services

·      Subcontractors

·      Travel Expenses (Business)

·      Utilities

·      Website Design